EIA reports another drop in US crude oil stocks

Brent crude’s price felt some upward pressure after the weekly official US oil stocks figures from the US Energy Information Administration (EIA) were released yesterday.

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Commercial US crude oil inventories have decreased by about 3.6 million bbls to touch 432 million bbls for the week ending 6 June, according to data from the EIA.

US refinery utilisation gained by one percentage point to 94.3%.

Gasoline stocks gained by 1.5 million bbls over the week to 230 million bbls and middle distillate stocks moved 1.2 million bbls higher to 109 million bbls.

By Aparupa Mazumder

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